China passenger car association

BEIJING -- The growth engine for the world’s car industry has been thrown into reverse, with China recording the first annual slump in auto sales in more than two decades -- though progress in trade talks with the U.S. and planned government incentives offer a ray of optimism. Sales in the world’s biggest market fell 6 percent to 22.7 million units last year, the China Passenger Car Association said Wednesday. The trade war and a slump in Chinese stocks have put off buyers in an industry where warning lights are already flashing worldwide. Automotive demand has been particularly hard hit by the trade tension that’s strained China’s $12.2 trillion economy -- prompting the government to prepare stimulus measures to revive sales. Chinese automakers rose Wednesday on the announcement, while Germany’s Daimler AG, BMW AG and Volkswagen Group also gained amid progress in trade talks between China and the U.S. Manufacturers that spent billions of dollars adding … [Read more...] about China auto sales fall for first time in more than 20 years

The Morning Shift All your daily car news in one convenient place. Isn't your time more important? The world’s largest car market just faltered, a diesel cheating scandal nears its end, and y’all are still dumping money into autonomous cars. All that and more in the Morning Shift for January 9, 2019. 1st Gear: This Doesn’t Look Great I still surprise everyone I talk to at parties when I remind them that China is the world’s largest car market, significantly bigger than what we’ve got here in America. Growth there has kept a lot of random shit afloat, from boutique supercar manufacturers to, uh, Buick. Anyway, with 2018 in the books we can see that it has stumbled, as Bloomberg reports in a wire: The growth engine for the world’s car industry has been thrown into reverse, with China recording the first annual slump in auto sales in more than two decades and more pain predicted in 2019. Sales in the world’s biggest market fell 6 percent to … [Read more...] about China’s Car Sales Are Down For First Time in 20 Years

SEOUL/WASHINGTON (Reuters) - Hyundai Motor (005380.KS) and affiliate Kia Motors (000270.KS) are being investigated by U.S. prosecutors over whether vehicle recalls were conducted properly, a person said and documents reviewed by Reuters showed. FILE PHOTO: The logo of Hyundai Motor is seen on wall at a event in Mexico City, Mexico August 2, 2017. REUTERS/Henry Romero Shares of the South Korean firms fell on Thursday on worries the probe could lead to fines and more recalls, while industry data showing a sharp drop in China’s passenger car retail sales in the first half of November spooked investors further. Hyundai and Kia, together the world’s No.5 automaker, recalled nearly 1.7 million vehicles in 2015 and 2017 in the United States in one of their biggest recalls in the country, citing an engine failure that increases the risk of a crash. The U.S. Attorney’s Office for the Southern District of New York (SDNY), part of the U.S. Department of Justice … [Read more...] about Hyundai shares skid as U.S. prosecutors probe Hyundai car recalls

Last week, we looked at how the world’s largest automotive markets are coping. If you’re interested in an abridged version, they could all be doing better. We also noted that China was getting around to summarizing its summer sales data. Well, that ship has since come in, and it was full of corpses. The country has endured three straight months of falling car sales after years of consistent growth. As the world’s largest automotive market, China impacts just about every other industrialized nation on the planet. Unfortunately, the China Association of Automobile Manufacturers (CAAM) reported that influence helped the market share of U.S. brands fall to 10.7 percent in the first eight months of 2018 versus 12.2 percent just one year earlier. The association’s assistant secretary general, Xu Haidong, said this decline could be attributed to American firms inability to refresh their lineups in a timely manner and definitely had nothing to do … [Read more...] about American Automakers Losing Footing in China’s Wonky Market

Suzuki Motor has announced that it is pulling out of China after dissolving its last remaining 50% stake in Changan Suzuki and having it transferred to Chongqing Changan Automobile. The decision comes as consumers in the world’s biggest car market shifted purchases to larger sedans and sport utility vehicles, reports Bloomberg. Changan will continue to make and sell Suzuki-branded cars in China under a license. “Approximately 25 years ago, we launched the Alto in China, and since then we have made efforts in cultivating the Chinese market. However, due partly to shifting of Chinese market to larger vehicles, we have decided to transfer all equity to Changan Automobile,” company chairman Osamu Suzuki said via a statement. Suzuki has been in China for 25 years, and the retreat marks the second big move following its exit from the US market in 2012. Suzuki was present in the US for 30 years. However, the Japanese carmaker continues to be dominant in India, which is … [Read more...] about Suzuki forced to exit China, most buyers prefer SUVs